Expert Pavers,Inc.,contracts with Fabricated Building Corporation to repave Fabricated's parking lot for which Fabricated agrees to pay.The elements of this,and any other,contract include
A)capability.
B)consideration.
C)formation.
D)practicality.

Question

Quizplus · Accepted Answer

Consideration is the exchange of something of value between parties to a contract. In this case, Expert Pavers, Inc. is offering their paving services and Fabricated Building Corporation is agreeing to pay for those services. The other elements listed (capability, formation, and practicality) may also be relevant to the contract, but consideration is the most important factor in determining the enforceability of the agreement.